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Business & farm
Hello, I have a similar question to this one. I entered the farm loss as "at risk" carryover on my 2024 taxes for a loss in 2023 on my farm. It put the amount in misc. expenses as Section 465(d) Carryover on Sch. F as expected, but when I look at the Carryover to 2024 Smartsheet and the QBI Smartsheet, it is listed as prior to 2018 instead of at 2023 where the loss was incurred. Also, looking at the QBI Ded Summary, Turbotax brought the QBI loss forward, but didn't bring the farming loss forward. The program help says "If you didn't use the transfer option, enter any schedule F at risk loss carryovers...", I did use the initial transfer to start the return, but I am unaware of any other transfer option they may be talking about. Should I have used a NOL to bring the loss forward or did I correctly us the "At-Risk" Carryover for the farm? The farm is our only source of income except for a property sale and bank interest. I did use the Step-by-step to enter the data.
Thank you.